Hyundai Mipo into 52,000 dwt MR1s. Newcomer Ardmore Shipping, Ireland
exercised options for two more 50,000 dwt IMO III products carriers from SPP Shipbuilding, lifting its commitment at the yard to four units. SPP in particular benefitted from a strong marketing campaign and has secured a letter of intent and berth reservations (4081- 4090) from a so far undisclosed owner for 10 52,000 dwt MR1s. Socatra added two similar units for delivery in 2013 following closely upon the recent exercising of two more MR1 options at Hyundai Mipo. Price levels in South Korea are currently
around US$35-US$37 million. Transmed Shipping, Greece, has decided in principle to re-enter the medium range products sector, signing a letter of intent with STX Shipbuilding for five plus an optional five units with deliveries from late 2013. If the order firms, STX will build the vessels at its Dalian facility in China at a discount price of $33 million apiece. Transmed originally ordered 22 medium range units at SPP in 2006 at $45 million each but resold them all at a good profit when prices rose to crazy levels in the boom. Greeks still pump a lot of money into newbuildings, having deservedly gained a
reputation for modern well-run tonnage. One owner returning to the wet sector after many years absence is Chios Navigation, who invested US$74 million in two MR1s for delivery in February and May 2013. The company feels it is a good move to diversify from the saturated dry bulk trades into a promising sector. Both ships have five-year charter commitments at decent rates. The charterer has so far gone unreported. Another sector experiencing slowly
improving conditions is the small and medium chemical trades. Zodiac Maritime gave Japan’s troubled industry a boost by returning to Kitanihon for six more 21,560m3 chemical tankers for delivery between August 2013 and August 2014. Six were ordered at the end of the boom in September 2008 and Zodiac will take delivery of these from next year. VLCC business was a non-mover while only
one Suezmax was added. Newbuilding prices are poised to rise but the major shipyards, although full, are fearful of a drought for larger wet tonnage. The Suezmax sector retains some appeal as more loading and discharge ports come on stream. There are rumours of some cut price
charging from China. Shanghai Waigaoqiao Shipbuilding quoted US$46.9 million apiece
for two plus an optional two Aframax tankers for Hellespont, Greece, showing a US$3-5 million difference over Korean rivals. While it is too early to say for certain that a price war is underway, the state-owned yards in China, of which Shanghai Waigaoqiao Shipbuilding is one, are in a stronger position to offer lower prices. The months ahead are likely to prove tough
for shipbuilders seeking to attract tanker business. Newbuild prices will now move up but market balance is vital if there is to be a trading recovery. For the most part, the cards have been played in relation to single-hull disposals, as two more countries have recently banned such tankers in their waters. Tougher terminal requirements could induce older double-hulled tonnage to exit the market. Any order drought will attempt to be
thwarted by the introduction of new eco- friendly designs but until there is evidence of charterer preference, owners will not be convinced. Powers of persuasion by shipbuilders may wane for the wet sector as owners find themselves under severe attack from all angles. However grim this may seem, it still offers the best chance of any lasting trading recovery through slimmer but more modern fleets and a dose of realism. TST
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